For us, growth and prosperity can only be attained when monetary, social and political stability are all guaranteed.
The EU must be committed to both stability and sustainable growth. The main aim is to bring prosperity and wellbeing to all. Economic governance has to be more balanced. It is unsustainable for budget rules to recognise only cuts, and not spending, as an economic driver. Currently Europe is in an exceptional juncture. Interest rates are purposefully very low. With a combination of progressive reforms, increased investment and the ECB’s monetary policy, we can transform the economy, open up new growth opportunities and further develop existing ones. It is a matter of political will to do so.
4. We want an economy that gives back to people. For that we must give an extra boost to both public and private investment to create jobs. Agreeing on a European investment plan, which had been initiated by our political family, was a big first step forwards in that direction. Europe must put social investment at the core of its strategy. The economy must prioritise serving the needs of society, promoting cohesion, equality and wellbeing.
5. We want to support public investment to create fairer societies and sustainable economic growth. Today, investment is still below the pre-crisis levels. Europe must aim at closing this investment gap. Specific instruments, such as the ‘golden rule’, whereby productive public investment is not calculated in Member States’ budget deficits, are needed to increase public investment. For instance, investing in a programme to bring unemployed people back to work has a cost, but it also brings enormous benefits for the individuals involved (in 2016, one in five 25-29 year-olds in the EU were not in a job, education or training) as well as for the economy and the state budget. So these positive returns need to be recognised with this golden rule or similar instruments.
Private investment also needs support. Investment goes hand in hand with strengthening integration in the European single market.
